The ordinance appropriates $28,386,685 for the Port Commission, using proceeds from various Refunding Certificates of Participation and reallocating some prior funds. It also places these funds on reserve until the sale of the certificates and receipt of proceeds in the 2024-2025 fiscal year.
Ordinance appropriating $28,386,685 consisting of $5,000,000 of Refunding Certificates of Participation Series 2025-R1 proceeds and $20,000,000 of Refunding Certificates of Participation (COP) Series 2025-R2 proceeds, $483,000 of Series 2013B Prior Debt Service Reserve Proceeds, $1,995,500 of 2013C Prior Debt Service Reserve Proceeds, and De-appropriation of $908,185 of Series 2013B Project Funds to the Port Commission (PRT) for $6,391,185 to the Refunding Certificates of Participation Series 2025-R1 and $21,995,500 to the Refunding Certificates of Participation Series 2025-R2; and placing these funds on Controller’s Reserve pending the sale of the Certificates of Participation and receipt of proceeds in Fiscal Year (FY) 2024-2025.
How it got here
This legislation originated from the need to refinance existing Certificates of Participation (COPs) issued for Port facilities projects, prompted by favorable market conditions.
The Board introduced legislation to authorize the refunding of Certificates of Participation for Port projects.
The City exercised optional call dates for Series 2013B and 2013C COPs, allowing for refinancing due to favorable interest rates.
The Budget and Finance Committee recommended the ordinance for the appropriation of $28,386,685 for the refunding of COPs.
The Board of Supervisors passed the ordinance on first reading, allowing for the appropriation of funds for the COPs refunding.
The ordinance was finally passed by the Board of Supervisors, completing the legislative process.
The City anticipates the sale and closing of the new COPs, pending market conditions.
Reconstructed from attached documents & the official record
